Taylor Swift said that it was the proudest and happiest news and after receiving this appreciation she is thrilled to work harder.
The Shake It Off singer defeated a number of competitors to win, including Barbie, the King, and the prosecutors for former US President Donald Trump.
For Swift, it caps off an incredible year in which she won numerous other end-of-year accolades.
Forbes ranked her the world's most influential woman in media and entertainment, while People Magazine named her the most intriguing person of 2023.
With over 26 billion plays on her songs, the 12-time Grammy winner has also surpassed all other artists as the most streamed artist globally on Spotify.
Her Eras Tour is expected to bring in over $1 billion, and the movie adaptation became the highest-grossing concert film ever.
In addition, she reissued updated versions of her third and fifth albums, 1989 and Speak Now, which were the result of a dispute between Swift and music entrepreneur Scooter Braun on who owned the master recordings.
Volodymyr Zelenskyy, Greta Thunberg, Elon Musk, Joe Biden, and Kamala Harris are among the previous Time Person of the Year winners.